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Infinium Labs Announces Stock Split

(Press Release)

SARASOTA, Fla., March 16 /PRNewswire-FirstCall/ -- Infinium Labs, Inc. (OTC Bulletin Board: IFLB), an innovative entertainment and interactive videogaming company, announced today that it plans to effect a four-for-one forward split of the Company's common stock. This action means that each share of IFLB stock outstanding at the time of the stock split will be converted into four shares of IFLB stock. In order to have enough shares available to implement the stock split, the Company is simultaneously increasing its number of authorized shares of common stock from 50,000,000 shares to 200,000,000 shares. Based on the number of shares currently outstanding, the stock split will increase the number of outstanding shares of common stock from approximately 23,000,000 shares to approximately 92,000,000 shares. 

"The purpose of the stock split is to make more shares available in the public float and to adjust the Company's capital structure to better position it for future capital-raising transactions," said Timothy M. Roberts, Chairman and CEO of Infinium Labs, Inc. 

The stock split and increase in the number of authorized shares will become effective after a certificate of amendment is filed with the Secretary of State of the State of Delaware. The certificate of amendment to effect the stock split and share increase has been unanimously approved by the company's board of directors and has been approved by the holders of a majority of the outstanding shares of the company's common stock. 

Due to SEC requirements, the certificate of amendment cannot be filed until 20 days after an information statement describing its approval has been distributed to the company's stockholders. The information statement cannot be distributed to the Company's stockholders until 10 days after a draft of it has been filed with the SEC. A draft information statement on Schedule 14C was filed by the Company with the SEC effective March 16, 2004. As a result, the stock split cannot become effective until at least April 15, 2004. The Company intends to announce the exact effective date of the stock split after it has distributed the information statement to its stockholders. 

About Infinium Labs

Infinium Labs is an innovative entertainment and interactive videogaming company. Infinium Labs has developed and is marketing its flagship product the Phantom Gaming Service(TM), a leading-edge and intuitive gaming and content delivery system designed to be the performance leader in the interactive entertainment industry. Founded and managed by a management team with extensive experience in interactive media, entertainment and technology, Infinium Labs is developing a robust gaming system that appeals to a wide audience of consumers and interactive gamers with its ease of use, quality assurance and real-time delivery system. For more information, please visit http://www.infiniumlabs.com or http://www.phantom.net.